"My wife, Melissa, turned on her heel, hands raised to her mouth. "It's perfect!" she said, a tear in her eye, " This is our home." We'd spent the summer of 2018 and much of the previous year exploring various upstate towns with our 1-year-old, hoping to move our small family out of our even smaller Upper East Side apartment and into our first home."
"Even with a good salary, significant savings, and dipping into my IRA, I couldn't afford the 20% down payment and other associated costs. If it weren't for my father's financial help, I wouldn't have been able to buy it. Although my wife's family was estranged, I knew I could pick up the phone and ask my dad for help. What luck to have a parent who could step in. Others are not so lucky."
Arran Skinner and his wife purchased their first home in 2018, finding a three-bedroom Craftsman farmhouse in Peekskill for $374,000. Despite good salaries, savings, and withdrawing from an IRA, they could not cover the 20% down payment and closing costs. Skinner's father provided the necessary financial help, making the purchase possible. The couple values independence and plans to teach their children financial responsibility, but also accepts that familial support can be crucial. The account highlights uneven access to parental wealth and acknowledges that many young buyers lack similar assistance.
Read at Business Insider
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